US STOCKS-Futures slump after China market selloff resumes

lunes 27 de julio de 2015 07:36 GYT

* Futures down: Dow 108 pts, S&P 12 pts, Nasdaq 33 pts

By Tanya Agrawal

July 27 (Reuters) - U.S. stock index futures fell sharply on Monday on concerns about China's slowing growth in the wake of the biggest drop in Shanghai shares in eight years.

* Chinese shares tumbled more than 8 percent as an unprecedented government rescue plan to prop up valuations abruptly ran out of steam, raising doubts about the viability of Beijing's efforts to stave off a deeper crash.

* Commodity prices resumed their downward spiral with the broader Thomson Reuters CRB commodities index hitting its lowest in six years and oil prices hitting a four-month low.

* Chinese ADRs were set for a rough start with Alibaba , Baozun and off between 2 percent and 5 percent.

* The S&P 500 and Nasdaq posted their largest weekly drops since March on Friday as slowing global growth dragged commodity-related stocks lower.

* Earnings season continues with big oil, social media stocks and pharma companies scheduled to report this week.

* Second-quarter S&P 500 earnings have been mixed, with 74 percent of companies beating analysts' profit expectations but just 52 percent surpassing revenue expectations, according to Thomson Reuters data.   Continuación...